Resignation of Adviser, Update on MarineTrack Ltd
12 Marzo 2009 - 11:07AM
UK Regulatory
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RNS Number : 7908O
Marinetrack Holdings PLC
12 March 2009
12 March 2009
MarineTrack Holdings Plc ("MarineTrack" or the "Company")
Update on Administration of Subsidiary
Resignation of Adviser
The MarineTrack board has been informed that Stratumfive Limited, a company
owned beneficially by former directors, Stuart Nicholls and Andy Haffenden, have
agreed to acquire the stock and air-time contracts of the Company's operating
subsidiary, MarineTrack Limited, from the administrator. The consideration
comprises a cash payment to the administrator of GBP30,000. In addition,
Stratumfive Limited will provide such assistance as is necessary to assist the
administrator of MarineTrack Limited to collect book debts belonging to
MarineTrack Limited.
The net cost of the stock is approximately GBP10,000 and the gross profit on the
airtime contracts is approximately GBP85,000 per annum. However, it would not be
possible for MarineTrack Limited to realise any value from the stock or the
air-time contracts without raising substantial additional funds to settle
creditors.
Stuart Nicholls and Andy Haffenden are related parties for the purposes of Rule
13 of the AIM Rules for Companies and this transaction would normally be
required to be disclosed as a related party transaction. However, the directors
have no control over the decision to sell the assets which has been taken by the
administrator of MarineTrack Limited. Accordingly, the directors of the Company
do not confirm that the terms of the transaction are fair and reasonable insofar
as the Company's shareholders are concerned.
As a creditor of MarineTrack Limited, the Company is expected to receive funds
that will enable it to pay a proportion of its creditors. It is unlikely that
once creditors of the Company have been paid, there will be a surplus available
to make a payment to Shareholders of the Company.
The board of the Company, which no longer has an operating business,
is considering its options and is looking at ways to create some value of
shareholders, including seeking a possible acquisition target. However, any such
acquisition would constitute a reverse transaction requiring approval by
shareholders. Further announcements will be made as appropriate.
In view of the above, Grant Thornton has resigned as the Company's nominated
adviser with immediate effect. Pursuant to Rule 1 of the AIM Rules for
Companies, should the Company fail to appoint a replacement nominated adviser
within a month, the admission of the Company's AIM securities will be cancelled.
Enquiries:
Duncan Lipscombe, Director
MarineTrack Holdings Plc
Tel: 07775 681648
www.marinetrackholdingsplc.co.uk
Philip Secrett / Colin Aaronson
Grant Thornton UK LLP
Tel: 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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